Aldar Uncovers Plans To Become Net-Zero Company By 2050

According to the report, Aldar, Abu Dhabi’s biggest developer by market value, has also set "science-aligned 2030 interim targets" that will help it achieve net zero in its Scope 1 and Scope 2 greenhouse gas emissions, it said on Thursday.

The developer also aims to achieve a 45 percent reduction in its Scope 3 emissions by the end of this decade from the company’s 2021 baseline levels.

Group Chief Executive Talal Al Dhiyebi commented, "As one of the UAE’s largest real estate developers and managers, and with a growing presence across the wider Middle East, Aldar is committed to not only supporting the UAE net zero by 2050 strategic initiative but also leading climate action in our industry and region."

He added, "Our net-zero plan will drive deep and rapid change across all our lines of business and throughout our supply chain." "It will transform our approach to design, supply chain management, construction, operations, and asset management."

According to him, their plan is comprehensive, ambitious, and based on science, matching leading global real estate industry benchmarks and setting a new standard for the region in its depth and detail.

Aldar’s Scope 1 includes direct emissions from the company’s operations; Scope 2 covers indirect emissions from purchased energy, cooling, and chilled water; and Scope 3 includes all greenhouse gas emissions associated with the company’s supply chain, including procurement, construction, and tenants, it said.

The UAE is working hard to reduce its carbon footprint, and it was the first Middle Eastern country to set a net-zero goal.

The Emirates wants to be carbon neutral by 2050 and plans to invest $160 billion over the next 30 years in clean and renewable energy sources.

As the report stated, companies across sectors are also unveiling their own net-zero plans as the UAE, the Arab world’s second-biggest economy, prepares to host Cop28 this year.

On Thursday, the UAE named Dr. Sultan Al Jaber as president-designate of the UN Cop28 climate change summit.

The report concluded that the Minister of Industry and Advanced Technology, Adnoc managing director and group chief executive, and UAE Special Envoy for Climate Change will lead the crucial 13-day talks set to begin in November.

Most of these talks are set to be held at Expo City Dubai, with about 80,000 delegates from around the world scheduled to attend the summit. The event will be the first important evaluation since the Paris Climate Summit in 2015. 

By Sumita Pawar